MUMBAI: KFin Technologies Pvt., a private equity investor owned by General Atlantic. Ltd, an investor and issuer services platform, announced on Wednesday that it has acquired Hexagram Fintech, an IT products company specializing in fund accounting and reconciliation product development.
Following the acquisition, Hexagram will become a wholly owned subsidiary of KFin Technologies. After the deal, KFin Technologies will expand its fintech product offering by adding fund accounting and reconciliation solutions to its platform. The acquisition will also strengthen KFin Technologies’ presence in Southeast Asia, aided by Hexagram’s established base of BFSI-branded customers in the region.
Hexagram Fintech, based in Bengaluru, is engaged in the development of fund accounting and reconciliation software products for clients of mutual funds, AIFs (alternatives), insurance and banking as well as corporate treasuries . It serves more than 25 clients in India and Southeast Asia.
The acquisition will strengthen KFin Technologies’ capabilities by opening up the active side of the investment management industry and enable KFin Technologies to provide holistic solutions to its clients, drive rapid expansion in the alternatives segment and go global its offers quickly, the statement said.
“As the large-scale backbone for asset managers and advisors across all asset classes, we at KFin Technologies are continually expanding our portfolio of products and services. Fund accounting has been a major focus area for us and the acquisition will bring together some of the best minds in the industry to create a truly global end-to-end platform for asset managers and intermediaries. We believe that adjacency, innate synergies, domain expertise and a compelling customer value proposition would help us achieve our stated goal of being the SaaS leader in the asset management space,” said Sreekanth Nadella, CEO of KFin Technologies.
KFin Technologies caters to the critical needs of Asset Managers with clients spanning Mutual Funds, AIFs (Alternative Investments), Pension Schemes, Wealth Managers and Corporates in India and overseas. The Company provides SaaS-based end-to-end transaction management, channel management, compliance solutions, data analytics and various other digital services to asset managers across all segments, as well as outsourcing for global players.
KFin Technologies is majority owned by funds managed by General Atlantic. Kotak Mahindra Bank Limited acquired a 9.9% stake in KFin Technologies in 2021.
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